Greater emphasis on ramping up the production to address a sudden increase in demand in the time of COVID-19 pandemic is accelerating the growth of medical ventilators market. The global medical ventilators market was valued at US$ 1.2 Bn in 2019 and is expected to exhibit a CAGR of 8.7% during the forecast period (2020-2030).
Increase in the number of severe cases of life-threatening novel coronavirus (COVID-19) has immensely boosted the demand for medical ventilators. Strong focus of manufacturers and governments on producing more number of medical ventilators is expected to propel the market growth during the forecast period (2020-2030). Growing demand for portable and low-cost medical ventilators creates a significant opportunity for global medical ventilators market players to set their products apart from the competition and expand their businesses.
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Continuous focus on the development of portable and low-cost medical ventilators and rapid spread of coronavirus across the globe are projected to propel the global medical ventilators market growth.
Key Takeaways of Medical Ventilators Market Study
- Sales of critical care ventilators contributed maximum share to the total market value, owing to increasing use in critical care areas of hospitals and other care areas as well.
- Extensive use of invasive ventilators in the management of chronic respiratory failure is expected to result in a notable share of the segment in the medical ventilators market.
- Hospital remains top end user contributing more than 38% of total demand, in line with high-quality clinical care and rising number of respiratory disease patients.
- North America captured notable revenue share of about 30% and is expected to be the most lucrative region for the medical ventilators market during the forecast period.
- Increasing government funding to boost the medical industry growth in Asian countries is expected to drive growth of the medical ventilators market in the region.
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Increasing Production Capacity – Imperative Strategy for Market Players
Manufacturers are now focusing on boosting ventilator manufacturing capacity to meet the urgent global demand due to the coronavirus pandemic. For instance, companies such as Medtronic, Koninklijke Philips N.V., GE Healthcare, and Getinge AB are now rapidly increasing their ventilator production by 40%-60%, to supply ventilators in response to the urgent need across the globe confronting COVID-19.
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What does the report cover?
Future market insights offer a unique perspective and actionable insights onmedical ventilatorsmarket in its latest study, presenting historical demand assessment from 2015 – 2019 and projections from 2020–2030 based on product (critical care ventilators, and transport ventilators), by technology (invasive ventilators, and non-invasive ventilator), by end user (hospitals and ambulatory surgical centres, long term care centres, and home care settings) in seven key regions.
To gain additional insights on how the medical ventilators market will unfold over the course of projection, write to press@futuremarketinsights.com